This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

IAASB - Assurance Image

Tom Seidenstein to Lead the International Auditing and Assurance Standards Board

Jun 03, 2019

On June 3, 2019, the In­ter­na­tional Au­dit­ing and As­sur­ance Stan­dards Board (IAASB) announced that Mr. Thomas R. Seidenstein will become the new chair of the IAASB for a three-year term commencing July 1, 2019. He succeeds Prof. Arnold Schilder, who has led the IAASB since 2009.

Mr. Seidenstein’s career spans both international standard setting and the private sector. He is currently senior vice president for Strategy, Innovation and Capital Management at Fannie Mae, a leading source of US housing market liquidity. He previously served as the chief operating officer at the International Financial Reporting Standards Foundation, where he led the organization’s governance review and reform process and worked closely with regulators to support global adoption of International Financial Reporting Standards. He holds a Master in Public Policy from the Harvard Kennedy School and is an undergraduate of the Woodrow Wilson School of Public and International Affairs, Princeton University.

Mr. Seidenstein’s appointment was recommended by the Interim Nominating Committee after an extensive international search. His appointment was endorsed by the IFAC Board and approved by the Public Interest Oversight Board, which oversees the IAASB.

For fur­ther de­tails, please re­fer to the press re­lease on the IAASB”s web­site.

AASB Image

AASB Exposure Draft – Conducting a performance audit in the Public Sector in accordance with CSAE 3001

May 31, 2019

On May 31, 2019, the Au­dit­ing and As­sur­ance Stan­dards Board (AASB) is­sued an Exposure Draft of a proposed new Guideline dealing with conducting a performance audit in the Public Sector in accordance with CSAE 3001. Stakeholders are encouraged to submit their comments by August 30, 2019.

The AASB proposes, subject to comments received following exposure, to issue Assurance and Related Services Guideline (AuG) 50, Conducting a Performance Audit in the Public Sector in Accordance with CSAE 3001.

AuG-50 would replace:

  1. Section PS 5000, Introduction to Assurance Recommendations that Apply only to the Public Sector;
  2. Section PS 5400, Value-for-money Auditing in the Public Sector
  3. Section PS 6410, Planning Value-for-money Audits in the Public Sector; and
  4. Section PS 6420, Knowledge of the Audit Entity in Planning Value-for-money Audits in the Public Sector.

 Re­view the press re­lease and the Exposure Draft on the AASB's web­site.

IFRS - IASB Image

Death of Thomas E. Jones, former Vice-Chairman of the IASB

May 31, 2019

The members of the IASB and staff of the IFRS Foun­da­tion have released con­do­lences on the death of Thomas E. Jones, former Chair of the IASB's pre­de­ces­sor body, the IASC and the first Vice-Chair­man of the IASB.

Mr. Jones' work as an accounting stan­dard-set­ter followed a suc­cess­ful career in in­vest­ment banking. In 2007, Financial Ex­ec­u­tives International recog­nized his career achieve­ments by inducting him into the FEI Hall of Fame.

Download the statement re the passing of Mr Jones on the IASB website.

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA Alert re the June 2019 Launch of its eCode

May 31, 2019

On May 31, 2019, the In­ter­na­tional Ethics Stan­dards Board for Ac­coun­tants (IESBA) re­leased an alert regarding the proposed launch on June 26, 2019 of its eCode—an innovative digital product that offers professional accountants a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards).

The alert also advises that the IESBA will hold a 30-minute webinar on Wednesday, June 12, 2019 at which IESBA Member Brian Friedrich will explain IESBA’s vision for the eCode and provide a quick walkthrough to demonstrate the eCode’s structure, key features and functionalities.

Re­view the press re­lease on the IESBA's web­site.

ASPE_AcSB Image

2018 Changes to Part I of the CPA Canada Handbook – A summary of AcSB’s Due Process and Endorsement Activities

May 31, 2019

On May 31, 2019, the Ac­count­ing Stan­dards Board (AcSB) re­leased this doc­u­ment which describes its due process and endorsement activities related to the changes made to Part I of the CPA Canada Handbook during 2018.

Download the document from the AcSB's website.

ASPE_AcSB Image

Basis for Conclusions – Amendments to Section 3051, Investments

May 31, 2019

On May 31, 2019, the Ac­count­ing Stan­dards Board (AcSB) re­leased this doc­u­ment which sets out how the AcSB reached its con­clu­sions on its project to amend Section 3051, and its dis­cus­sions on sig­nif­i­cant mat­ters aris­ing from com­ments re­ceived and is­sues raised in re­sponse to its Ex­po­sure Draft.

Stakeholders informed the AcSB that the scope of paragraph 3051.07A is unclear. Specifically, stakeholders observed that it was not clear whether this paragraph, which relates to the application of the cost method, also applies to interests in jointly controlled enterprises accounted for using that method. Consequently, the Board decided to amend Section 3051 to clarify that paragraph 3051.07A also applies to investments in jointly controlled enterprises (JCEs) accounted for using the cost method.

The amendment is applicable for annual financial statements relating to fiscal years beginning on or after January 1, 2020, with earlier application permitted.

Download the Basis for Conclusions on the AcSB's website.

ASPE_AcSB Image

Basis for Conclusions – Amendments to Section 3465, Income Taxes

May 31, 2019

On May 31, 2019, the Ac­count­ing Stan­dards Board (AcSB) re­leased this doc­u­ment which sets out how the AcSB reached its con­clu­sions on its project to amend Section 3465, and its dis­cus­sions on sig­nif­i­cant mat­ters aris­ing from com­ments re­ceived and is­sues raised in re­sponse to its Ex­po­sure Draft.

As part of the AcSB’s objective to maintain and improve a high-quality set of Part II standards, the AcSB considers improvements needed to current guidance. The AcSB also routinely monitors amendments made to other accounting frameworks for potential improvements to Part II. As a result of these activities, the AcSB identified an example in Section 3465 that is no longer applicable as a result of changes in income tax legislation. The AcSB also identified an amendment to U.S. Generally Accepted Accounting Principles (U.S. GAAP) eliminating the requirement to segregate deferred tax assets and liabilities into current and non-current components. In addition, the AcSB observed that International Accounting Standards Board’s (IASB), IAS 1 Presentation of Financial Statements does not permit classification of deferred tax assets and liabilities as current and non-current.

Consequently, the AcSB decided to amend Section 3465 to remove the outdated example and to require non-current classification of future income tax assets and income tax liabilities rather than require current and non-current classification of these assets and liabilities.

The amendments are applicable for annual financial statements relating to fiscal years beginning on or after January 1, 2020, with earlier application permitted.

Down­load the Ba­sis for Con­clu­sions on the AcSB's web­site.

 

OECD (Organisation for Economic Co-operation and Development) Image

International community agrees on a road map for resolving the tax challenges arising from digitalization of the economy

May 31, 2019

On May 31, 2019, the Or­gan­i­za­tion for Eco­nomic Co-op­er­a­tion and De­vel­op­ment (OECD) announced that the international community has agreed on a road map for resolving the tax challenges arising from the digitalization of the economy, and committed to continue working toward a consensus-based long-term solution by the end of 2020.

The 129 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) adopted a Programme of Work laying out a process for reaching a new global agreement for taxing multinational enterprises. The document, which calls for intensifying international discussions around two main pillars, was approved during the May 28-29, 2019 plenary meeting of the Inclusive Framework. It will be presented by OECD Secretary-General Angel Gurría to G20 Finance Ministers for endorsement during their June 8-9, 2019 ministerial meeting in Fukuoka, Japan.

The Programme of Work will explore the technical issues to be resolved through the two main pillars. The first pillar will explore potential solutions for determining where tax should be paid and on what basis ("nexus"), as well as what portion of profits could or should be taxed in the jurisdictions where clients or users are located ("profit allocation"). The second pillar will explore the design of a system to ensure that multinational enterprises – in the digital economy and beyond – pay a minimum level of tax. This pillar would provide countries with a new tool to protect their tax base from profit shifting to low/no-tax jurisdictions, and is intended to address remaining issues identified by the OECD/G20 BEPS initiative.

Re­view the press re­lease  on the OECD's web­site.

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB Posts Staff Guidance on Communications with Audit Committees Concerning Independence

May 31, 2019

On May 31, 2019, the Pub­lic Com­pany Ac­count­ing Over­sight Board (PCAOB) posted to its website staff guidance on PCAOB Rule 3526(b), Communication with Audit Committees Concerning Independence. The guidance provides background on Rule 3526 and technical guidance for auditors on the independence-related communications required by the rule.

Re­view the overview of staff guidance  and the staff guidance specific to Rule 3526(b) on the PCAOB's web­site.

AASB Image

AASB Discussion Paper – Audits of Less Complex Entities

May 30, 2019

On May 30, 2019, the Auditing and Assurance Standards Board (AASB) issued its Discussion Paper that corresponds to the IAASB’s discussion paper on this topic. Stakeholders are encouraged to submit their comments by August 14, 2019.

Review the press release and Discussion Paper on the AASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.